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Bitcoin trades above $66K as crypto market cap rises

Crypto market capitalization climbed to $2.25T over the past 24 hours, with Bitcoin up about 3% as it tests a prior support level.

Reported · Written up by our desk · Market Structure

Bitcoin rose above $66K, approaching highs from the first half of May, as the overall crypto market capitalization increased to $2.25T, up 2.7% over the past 24 hours, according to Action Forex.

The outlet said Bitcoin is attempting to break out from below a former strong support level that acted as resistance last month, and that a move higher could put it toward a 61.8% retracement zone near $68K from the May to June sell-off.

Among the more actively traded coins, Cardano gained 9% over the past day, Uniswap rose 8.7%, and Polkadot climbed 6.9%, while Tron was up 0.1% and Litecoin and Dash each rose 1.7%.

Action Forex also pointed to whale accumulation over the past two months, contrasted with medium-sized wallet selling, and noted stablecoin withdrawals from exchanges that it said reached $2.3 billion over the month, citing CryptoQuant and analyst Darkfost. Separately, it said FTX has outlined a new phase of payouts for July 31, with about $900 million for affected users, and that Cardano activated the Van Rossem hard fork on mainnet.

Latest closeBitcoin $64,184.75 ▼1.0%

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